Michigan Real Estate News

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Up-North Brewing Company Buys Inn To House Employees

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A lack of affordable housing in northern Michigan is cramping the style of northern Michigan’s businesses. Short’s Brewing Company needs to hire summer workers, but future employees have nowhere to live.  In a creative problem-solving move, the brewery bought the Bellaire Inn and is converting and updating the 26 units as space for its incoming hires. They’ll offer local businesses an opportunity at the remaining units.  Each unit will be fully furnished with a bathroom, fridge and microwave. All utilities will be included. The brewery will hire a full-time, on-site inn keeper.

Coalition Suggests Ways For Overtax Paybacks

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The Coalition for Property Tax Justice released a report outlining a series of ideas for ways the city could compensate overtaxed homeowners. It included survey results from more than 200 Detroiters. Ideas included property tax credits, Section 8 rental vouchers, home repair grants, Detroit Land Bank Authority’s rehabbed homes, and as-is Land Bank homes paired with home repair grants or cash payments. Although cash payments to overtaxed homeowners was a main focus, Detroit’s top attorney has indicated that the city cannot use general fund monies to compensate individuals. State law prohibits direct support from the general fund for private purposes.

 

 

Rising Mortgage Rates Impact The Housing Market

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Rising mortgage rates are not dampening buyer demand. However, getting an offer accepted is no small feat. The rising mortgage rates haven’t brought down prices yet. Buyers could be feeling a sense of urgency to find a home before rates increase further.